Maryland Simple Promissory Note for Car Loan
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How to fill out Simple Promissory Note For Car Loan?
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FAQ
In Maryland, a promissory note does not legally require notarization to be valid. Nevertheless, having it notarized can strengthen your position in case of any legal issues. It is a simple step that can save you trouble in the future.
Signatures. Generally, promissory notes do not need to be notarized. Typically, legally enforceable promissory notes must be signed by individuals and contain unconditional promises to pay specific amounts of money. Generally, they also state due dates for payment and an agreed-upon interest rate.
When you write the promissory note, make sure to contain the following information:Name and address of the borrower and lender.Model, year, make, and VIN of the vehicle.Loan amount, interest rate, length of the loan, and maturity date.Late fees and penalties.Collateral information.Odometer reading.More items...
A promissory note can be used for different types of loans such as a mortgage, student loan, car loan, business loan or personal loan.
A promissory note must include the date of the loan, the dollar amount, the names of both parties, the rate of interest, any collateral involved, and the timeline for repayment. When this document is signed by the borrower, it becomes a legally binding contract.
Even if you have the original note, it may be void if it was not written correctly. If the person you're trying to collect from didn't sign it and yes, this happens the note is void. It may also become void if it failed some other law, for example, if it was charging an illegally high rate of interest.
Although a promissory note is usually written on a computer and printed out or a pre-made form is filled out, a handwritten promissory note signed by both parties is legal and will stand up in court.
There is no legal requirement for most promissory notes to be witnessed or notarized in Maryland (a promissory note that involves a mortgage, however, must be witnessed and notarized). Still, the parties may decide to have the document certified by a notary public for protection in the event of a lawsuit.
Although it's a legal document, writing a promissory note doesn't have to be difficult. There are even websites online that offer fill-in-the-blank templates, like or .
Generally, as long as the promissory note contains legally acceptable interest rates, the signatures of the two contracted parties, and are within the applicable Statute of Limitations, they can be upheld in a court of law.
